Prices for vegetable oils are gradually being restored

Global prices of vegetable oil are rising after oil quotations and the rise in price of soybeans in the United States.

the July futures for Brent crude on the London stock exchange for two days increased by 3% to 72,13 $per barrel on the news about the attack in the Persian Gulf on two tankers of Saudi Arabia and the drone attack on a major pipeline in the country, although the responsibility for such action is not taken. amid tightening US sanctions against Iran, it greatly enhances the tension in the region.

July futures on malaysische palm oil rose yesterday by 1.4% to 2043 ringgit or 489,69 $/ton due to export growth in the first half of may by 14.4% compared to the corresponding period in April and expectations for further reductions in production.

July futures for soybean oil in Chicago rose by 2.3% to by 602.5 $/t after the rise in price of soybeans due to the intentions of the U.S. government to allocate the second tranche of aid to farmers who suffered from trade wars with China.

Good demand and a shortage of supply continue to warm up the black sea market of sunflower oil with the support of neighboring markets, soybean and palm oil, as well as increased demand from Indian buyers.

Prices of Ukrainian sunflower oil will remain at the level 690-700 $/t, whereas the demand price rose to 675-680 $/t FOB for shipments in June.

In Europe against the background of rising prices for rapeseed is somewhat more expensive futures on rapeseed oil, in particular delivery in June rose to 725/MT FOB DM, which has a maximum in may.